Question

X and Y and Z were partner in 9:6:5 . Z retired and amount due to him on retirement was 80000 . Calculate new ratio if : C contributed 20000 & Y 60000​

Answer 1

ANSWER
Particulars
L.F.
Debit (Rs.)
Credit (Rs.)
General Reserve A/c Dr.

1,80,000

Workmen Compensation Reserve A/c Dr.

24,000

To X’s Capital A/c


1,02,000
To Y’s Capital A/c


68,000
To Z’s Capital A/c


34,000
(Being accumulated profit distributed among partners in old ratio)







X’s Capital A/c Dr.

15,000

Y’s Capital A/c Dr.

10,000

Z’s Capital A/c Dr.

5,000

To Profit and Loss A/c


30,000
(Being debit balance in profit and loss A/c distributed among partners in old ratio)




Working note:
1. Calculation of share in credit balance of Reserve
Total credit balance of Reserves = General Reserve + WCF
= 1,80,000 + 24,000
= 2,04,000

X’s share = 2,04,000 X 3/6 = Rs. 1,02,000
Y’s share = 2,04,000 X 2/6 = Rs. 68,000
Z’s share = 2,04,000 X 1/6 = Rs. 34,000
2. Calculation of share in debit balance of Profit and Loss A/c
X’s share = 30,00 X 3/6 = Rs. 15,000
Y’s share = 30,000 X 2/6 = Rs. 10,000
Z’s share = 30,000 X 1/6 = Rs. 5,000
Note: Employer Provident Fund will not be distributed as it is a liability and not accumulated profit.

Answer 2

Answer:

Particulars

L.F.

Debit (Rs.)

Credit (Rs.)

General Reserve A/c Dr.

1,80,000

Workmen Compensation Reserve A/c Dr.

24,000

To X’s Capital A/c

1,02,000

To Y’s Capital A/c

68,000

To Z’s Capital A/c

34,000

(Being accumulated profit distributed among partners in old ratio)

X’s Capital A/c Dr.

15,000

Y’s Capital A/c Dr.

10,000

Z’s Capital A/c Dr.

5,000

To Profit and Loss A/c

30,000

(Being debit balance in profit and loss A/c distributed among partners in old ratio)